SBI Launches Nationwide Campaign to Activate Inactive Accounts

The State Bank of India (SBI), India’s largest lender, has launched a national campaign to raise awareness about activating inoperative accounts . This initiative aims to enhance financial inclusion and ensure seamless banking experiences for its customers. A workshop in Gurugram for business correspondents set the stage for this drive, emphasizing the importance of account reactivation, especially for Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts.

What Are Inoperative Accounts?
Accounts become inoperative if there are no transactions for over two years. To reactivate them, customers need to complete a Re-KYC (Know Your Customer) process. SBI encourages regular transactions to prevent accounts from falling into this category, ensuring uninterrupted access to banking services .

Embracing Technology for Better Service

SBI is leveraging Artificial Intelligence (AI) and Machine Learning (ML) to enhance operational efficiency. These technologies are used to assess the risk profiles of Customer Service Points (CSPs), ensuring better risk management, compliance, and superior customer service.

Leadership Insights
Chairman CS Setty underscored the critical role of Re-KYC in keeping PMJDY accounts active and ensuring uninterrupted financial transactions. He urged business correspondents to participate actively in the government’s Jan Suraksha Scheme campaign running from October 15, 2024, to January 15, 2025.

Setty’s key directives included:

• Strict adherence to banking guidelines to maintain consistent growth.
• Innovative use of technology to bridge customer outreach gaps.
• Enhancing the correspondent channel to deliver robust and customer-focused services.

Commitment to Financial Inclusion
SBI remains dedicated to advancing financial inclusion by simplifying banking processes and introducing customer-centric innovations. This initiative to activate inoperative accounts reflects its commitment to empowering citizens and ensuring accessible financial services nationwide.

SBI’s nationwide campaign highlights its proactive approach to financial inclusion, technological advancement, and customer-centric growth. Through these efforts, the bank aims to foster a more inclusive and efficient banking ecosystem.